Regulatory Alerts2024-07-02
Added · Updated
Circular Amending the Composition of Bank Boards of Directors
The Central Bank of Egypt, through a circular dated July 2, 2024, has amended the instructions regarding the composition of bank boards of directors. The amendment, effective from the board meeting on June 25, 2024, aims to enhance board efficiency by ensuring a balance of executive and non-executive members. It mandates a maximum of three executive members and at least two independent non-executive members, with non-executives responsible for overseeing senior management performance and a term limit of two terms (six years) for non-executive members, extendable by one term under specific conditions and with central bank approval.
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